Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an additional $6,300. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) 8 Answer is complete but not entirely correct. Total interest $ 1,111.83 b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) * Answer is complete but not entirely correct. Ending balance due S 30,511.83 8

Shawn Bixby borrowed $40,000 on a 180-day, 11% note. After 60 days, Shawn paid $4,300 on the note. On day 94, Shawn paid an additional $6,300. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) 8 Answer is complete but not entirely correct. Total interest $ 1,111.83 b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) * Answer is complete but not entirely correct. Ending balance due S 30,511.83 8

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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